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[Equipment] <br />5 <br />RESOLUTION <br />The governing body for the County of Orange, North Carolina, held a regular meeting at <br />the the regular place of meeting, on at <br />a.m,/p.m. <br />Present: <br />Absent: <br />Also Present: <br />* ~ ~ * ~ <br />inhoduced the following resolution which was read: <br />RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF <br />AN INSTALLMENT FINANCING CONTRACT IN THE AMOUNT OF <br />$419,640.00 WITH RBC CENTURA BANK TO FINANCE THE <br />ACQUISITION OF CERTAIN VEHICLES FOR USE BY THE COUNTY <br />OF ORANGE, NORTH CAROLINA, AUTHORIZING THE EXECUTION <br />AND DELIVERY OF RELATED INSTRUMENTS, AND DETERMINING <br />OTHER MATTERS IN CONNECTION THEREWITH <br />BE IT RESOLVED by the governing body for the County of Orange, North Carolina (the <br />..Unit"): <br />Section 1. The governing body of the Unit does hereby find and determine: <br />a) The County of Orange proposes the acquisition of certain equipment, which may <br />include fixtures as more fully described in the hereinafter mentioned Contract <br />(collectively, the "Equipment"); <br />b) After consideration, the governing body of the Unit has determined that the most <br />advantageous manner of financing thereof is by an installment contract pursuant <br />to Section 160A-20 of the General Statutes of North Carolina, as amended; <br />c) Pursuant to Section 160A-20, the Unit is authorized to finance the acquisition of <br />personal properly, including fixtures, by installment contracts that create a <br />security interest in the properly financed to secure repayment of the financing; <br />and <br />d) RBC Centura Batilc ("RBC Centura") has proposed that RBC Centura enter into <br />an Installment Financing Contract with the Unit to finance the Equipment <br />pursuant to which RBC Centura will lend the Unit then amount of $419,640.00 <br />